A knife system for providing efficient replacement of a knife blade. The knife system generally includes a body, a lever pivotally connected to the body, a collet connected to the body, and a shaft connected between the lever and the collet. When the lever is in a closed position, the shaft applies tension to the collet resulting in frictional engagement with a blade within the collet. An illuminating unit is preferably positioned within the body directing light towards the blade within the collet to illuminate a work area.